Loans, Finance, Overdraft. I'm always refused.

NickUD

Loans, Finance, Overdraft. I'm always refused. I have checked my credit report and there is nothing wrong with it. I have checked my credit rating and it is Good. Every time I try and get credit i'm turned away. I do have 2 store cards but I always pay on time, normally double the minimum. I just don't know why I am always refused, every 6 months for nearly 2 years the same thing happens. Can anyone give me advice.

PROLIANT

NickUD wrote: »

Loans, Finance, Overdraft. I'm always refused. I have checked my credit report and there is nothing wrong with it. I have checked my credit rating and it is Good. Every time I try and get credit i'm turned away. I do have 2 store cards but I always pay on time, normally double the minimum. I just don't know why I am always refused, every 6 months for nearly 2 years the same thing happens. Can anyone give me advice.

Have you tried appealing?

Tixy

Hi Nick

Paid for credit ratings from the credit reference agencies mean very little, as all lender use their own criteria. Have you seen your full credit report and does everthing on there appear to be correct?

Have you asked on what basis you are refused?

Are you on the electoral roll? do you have high debts compared to your salary? do you have a lot of existing but unused credit?
How many credit accounts do you have open?

Is your job one they would consider to be high risk (self-employed, or an industry hard affected by the recession).

Are you financially associated with anyone else? Might they have a poor credit rating?

Have you moved houses or jobs frequently?

Are you applying for products that are 'platinum' type products?

Might be worth a read of this? http://www.moneysavingexpert.com/loans/credit-rating-credit-score

Or talk to your bank and ask why you have been turned down for an overdraft.

AMILLIONDOLLARS

If you're always paying back on time, or over paying, they know they are not going to make much money out of you. If I were you I'd look for a good saving accounts and put your surplus cash into it and buy whatever you want outright. You'll look back at this problem and thank your lucky stars you never put your life into hock.

AMD

elfen

It would be more useful for you to see your report. Register for the 30 days (cancel before) and check when the searches were. Also, apply for sub-prime credit cards (Vanquis, Cap 1 Progress I think), as even a little spend and payment back (perhaps leave a tiny balance - say a fiver?) gives you another string to your bow, and maybe help you get more mainstream credit. It is mainly, as amilliondollars says, that you are perhaps too good for them.